Global Micronutrients Market Size to Reach USD 10.46 Billion in 2032 | Emergen Research

Micronutrients Market to Witness Rapid Growth, Fueled by Demand from Agriculture and Food Industries

Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) — The global micronutrients market size was USD 4.60 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.7% during the forecast period. The market, valued at USD 4.60 billion in 2022, is being driven by rising demand from the Food & Beverage (F&B) sector, adoption of micronutrients in agriculture for organic and precise farming, and increased government regulations related to agriculture and food quality standards.

Micronutrients are essential vitamins and minerals required in small quantities for the proper functioning of the human body, supporting functions such as energy production and immune health. These micronutrients are categorized based on their solubility, including water-soluble, fat-soluble, microminerals, and trace minerals. They find applications in various industries, including agriculture, F&B, chemical, and animal husbandry, driven by a growing focus on health awareness and balanced diets.

The demand for micronutrients in agriculture is set to rise, particularly in organic farming, as they play a crucial role in achieving higher crop yields and quality. Additionally, micronutrients are known for enhancing immune function and energy production. To meet the increasing demand for healthy F&B, manufacturers in the micronutrient market are experiencing a surge in orders and sales volumes. However, challenges such as volatile micronutrient costs, limited awareness, and supply constraints can restrain market growth. Excessive consumption of fat-soluble vitamins, including A, D, E, and K, can lead to health issues, underscoring the importance of proper usage.

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Form: The chelated segment accounted for the largest revenue share in 2022 due to its effectiveness in farming and fertilizer manufacturing. Chelated micronutrients offer better crop yields, growth, and quality, and are resistant to oxidation, ensuring stability in fertigation and yielding.

Product: The zinc segment is expected to grow rapidly, driven by its use as an antioxidant and for maintaining ideal hormone levels. Zinc’s health benefits, including immunity enhancement and wound healing, make it appealing to medical and healthcare industries.

Crop: The cereals segment is anticipated to hold a significant revenue share, driven by the increasing need for optimal yields of major cereal crops like copper, manganese, zinc, and iron.

Application: The hydroponics segment is expected to register moderately fast growth due to the rising adoption of land-efficient hydroponic systems in agriculture.

End-Use: The agriculture segment is projected to account for the largest revenue share, driven by the demand for micronutrients in fertilizers and plant production. Micronutrients improve plant metabolism, reproductive growth, and disease resistance.

Asia Pacific led the market in 2022, driven by increasing adoption in agriculture, especially in China, Japan, South Korea, and India.

North America is expected to witness the fastest growth due to arable land depletion, particularly in the U.S. and Canada.

Europe is set to maintain a considerable share, with rising demand for cereals and oil seeds, especially in the UK, Germany, and France.

The global micronutrients market is on an upward trajectory, propelled by increasing demand from diverse industries. While challenges exist, the benefits of micronutrients in promoting health, agriculture, and food quality standards remain a driving force behind the market’s growth.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 4.60 Billion
CAGR (2023–2032) 8.7%
The revenue forecast in 2032 USD 10.46 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Form, crop, product, application, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Argium Inc., Aries Agro Limited, BASF SE, Coromandel International Ltd., Haifa Chemicals Ltd., H.J. Baker & Bro Inc., K+S Aktiendgeselischaft, Sociedad Quimica y Minera S.A., Mosiac, Wolf Trax Inc., Yara, Gujarat State Fertilizers and Chemicals Limited, Valagro, Tradecorp International Ltd, Cheminova, Akzonobel N.V., FMC Corporation, Archer Daniels Midland Company, Nutrien Ltd., and Compass Minerals
Customization Scope 10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global micronutrients market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective micronutrients. Some of the major companies included in the global micronutrients market report are:

  • Argium Inc.
  • Aries Agro Limited
  • BASF SE
  • Coromandel International Ltd.
  • Haifa Chemicals Ltd.
  • H.J. Baker & Bro Inc.
  • K+S Aktiendgeselischaft
  • Sociedad Quimica y Minera S.A.
  • Mosiac
  • Wolf Trax Inc.
  • Yara
  • Gujarat State Fertilizers and Chemicals Limited
  • Valagro
  • Tradecorp International Ltd.
  • Cheminova
  • Akzonobel N.V.
  • FMC Corporation
  • Archer Daniels Midland Company
  • Nutrien Ltd.
  • Compass Minerals

Strategic Development

  • On 8 April, 2021, Compass Minerals reached a conclusive arrangement to divest specific North American micronutrient assets to Koch Agronomic Services, LLC (Koch), an affiliate of Koch Industries. The deal is projected to conclude in the second quarter of 2021, contingent upon standard closing prerequisites. This move signifies another calculated move by Compass Minerals in streamlining its asset portfolio, emphasizing concentration on the core operations of the company.
  • On 9 March, 2021, Mosaic Company and Sound Agriculture formed a strategic partnership to introduce a revolutionary nutritionally effective product to increase yields of major crops and improve soil quality. The companies will collaborate to develop and distribute Sound Agriculture’s proprietary blend of bio-inspired chemicals and key micronutrients. Early data indicate that this combination has the potential to be a best-in-class product in the broader nutritional efficacy field.

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For the purpose of this report, Emergen Research has segmented the global micronutrients market on the basis of form, crop, product, application, end-use, and region:

  • Form Outlook (Revenue, USD Billion; 2019-2032)
    • Chelated
    • Non-Chelated
  • Product Outlook (Revenue, USD Billion; 2019-2032)
    • Boron
    • Copper
    • Iron
    • Manganese
    • Molybdenum
    • Zinc
    • Others
  • Crop Outlook (Revenue, USD Billion; 2019-2032)
    • Cereals
    • Pulses and Oil Seeds
    • Fruits and Vegetables
    • Others
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Fertigation
    • Foilar
    • Soil
    • Seed Treatment
    • Hydroponics
    • Others
  • End-Use Outlook (Revenue, USD Billion; 2019-2032)
    • Agriculture
    • Pharmaceutical
    • Cosmetics and Personal Care
    • Food and Beverages
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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